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Originally Posted by BevoLJ
I am glad that the guy mentioned in the Chronicle article kinda cleared up some of that. It also said this was going to be trying to get LEED Gold cert.
That this one will be going for LEED Gold and that it will be providing 1k rooms to help pay for the Waller Creek I really want it to be built.
How does that extra tax work? The one for the creek project? Does all those rooms help pay for it or is it by the property tax?
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This was discussed in the Waller Creek discussion: 100 percent of the Austin property tax and 50% of the Travis County property tax will go towards Waller Creek according to the TIF district structure. Essentially, that is 0.69 percent of total value of the property going to pay for the Waller Creek project. If the estimates of a $350 million dollar hotel are true, that would be about $2.4 million a year for paying off the project. Not too shabby...
As for the hotel occupancy tax, I am not sure exactly how that would work. Of the total 15 percent tax rate on hotel rooms, 6 percent goes to the state and probably wouldn't be used to fund the project. The 9 percent Austin part might be used for the project, but the TIF doesn't require it. At least that is my understanding of the issue.